AUDUSD Daily Analysis – December 31, 2013

AUDUSD failed to break below 0.8820 support, and stayed in a trading range between 0.8820 and 0.8957. Key resistance is at 0.8957, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 0.9756 (Oct 23 high), another fall towards 0.8500 is still possible after consolidation. On the upside, a break above 0.8957 resistance will signal completion of the downtrend from 0.9756, then the following upward movement could bring price back to 0.9650 zone.